Silver Technical Precious Metals (2011-03-17)

By @ibtimes on

Morning Report

The bearish harmonic AB=CD pattern proved its efficiency as the metal couldn't keep any gains. Now, it is moving freely below 23.6% of CD leg at 34.30, confirming the breakout occurred below it. This price behavior confirms the bearish trend, targeting 32.82, where 38.2% Fibonacci retracement of CD exists. In result, we keep our negative scenario intact, supported by RSI and Stochastic.

The trading range for today is among the key support at 32.82 and key resistance now at 36.05.

The general trend over short term basis is to theupside,targeting 39.05 as far as areas of 30.80 remain intact with weekly closing.

Previous Report

Weekly ReportSupport34.0033.7533.6033.3033.10Resistance34.3034.6034.8535.0035.35RecommendationBased on the charts and explanations above our opinion is, selling silver around 34.20 targeting 32.85 and stop loss with a four hour closing above 35.35 might be appropriate.

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